Rial’s plunge forces Iran to open door to foreign money:
Iran gave permission to money exchange offices on Saturday to start importing foreign currency banknotes, state media reported, in an apparent attempt to stop the rial from plunging to a new low against the dollar.
Iran’s currency has lost about two-thirds of its value this year, hitting a record low last week of 150,000 rial to the US dollar. It recovered to trade at 130,000 per dollar on Saturday in unofficial trade, according to the Bonbast.com currency market website.
The rial has been hit by a weak economy, financial difficulties at local banks and strong demand for safe-haven dollars among Iranians.
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